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What is the answer of this question? What is the definition of compound interesr

Posted by Shalini Shalini 5 years, 2 months ago

CBSE > Class 08 > Mathematics

1 answers

Yogita Ingle 5 years, 2 months ago

Compound interest is the interest calculated on the principal and the interest accumulated over the previous period. It is different from the simple interest where interest is not added to the principal while calculating the interest during the next period. Compound interest finds its usage in most of the transactions in the banking and finance sectors and also in other areas as well.

The compound interest formula is given below:

Compound Interest = Amount – Principal

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